Information Technology (IT) techniques have used the business for making the system more efficient, effective, saving time consumed, gain economics of scales, and reduce labor making Business processes simplified.
The digitalization in the globalized world has become a necessity. Upgrading to IT-based solutions and substitutes has become the need of the hour. As businesses are expanding beyond physical market boundaries due to growing e-commerce platform. Here are a few aspects that businesses should consider while choosing a Software vendor for accounting Services.
1. ASCERTAIN THE NEEDS AND ITS EVALUATION
This is one of the first things that businesses should have clarity about before choosing accounting software are these aspects.
- Nature of the business,
- The business model, it is following,
- Analysis of the loopholes that are there in the existing system,
- Report and mandatory compliance that is required
- Keys industry-specific business considerations etc.
2. FINANCIAL HEALTH AND STATUS OF THE BUSINESS
The budget that businesses can afford to spend over bookkeeping, accountancy, and auditing.
3. PREPARATION FOR CHANGE
The staff and users of this software should be given proper training for its usage and smooth implementation.
Customization can be done as per business standards and requirements however, over customization is never a good way since it degrades the quality.
5. TIMELY CONTROL AND UPDATE
The software shouldn’t be rigid and shouldn’t be very flexible that it’s twisted as per convenience. It should have room for updates and should be able to be controlled if, it’s deviated from the original motive.
EXAMPLE OF ACCOUNTING SOFTWARE VENDOR OPTIONS AVAILABLE
1. Tally ERP (Enterprise Resource Development)
Various versions are available in the software. The pricing of the version depends upon features. It helps MSME types of business handle costing, compliance, inventory, taxation, GST return, even non-business functions, and such other aspects under one roof. It is considered end-to-end complete business solution software. Tally takes control of their accounting and improve their business resources. The Tally Company is formed in the year 1988. It is a reliable vendor and has good market creditability. The software has a user-friendly interface that allows for robust management of the business process.
Oracle is one of the world’s leading tech company. The core applications include customer relationship management (CRM), enterprise resource planning (ERP), financial management, human capital management, supply chain management and transportation management.
Oracle’s software helps the business get leverage over its competitors due to its efficiency in the business processes. It enhances productivity and helps a business focus on revenue generation over other activities.
3. Quick Books
QuickBooks is one of the fastest accounting software for the Indian business market where various other vendors are available with a similar product. Quick books provide instant access merely over a few clicks. The system is user friendly, handy, and accurate.
The software keeps track of the real-time status of accounts receivables, payables, and fixed asset (tangible and intangible) management. Unfortunately, QuickBooks doesn’t support bank reconciliation, tax management, or expense tracking mechanism.
Quick books also ensure that data is stored on the cloud so, that there are no security issues and it can be easily be accessed from anywhere. QuickBooks user does not require any expertise in financial accounts handling.
The software has various features such as payment reminders, sales, and inventory tracking with real-time status and easy navigation interface. QuickBooks provides a 360-degree view of the business from anywhere.
4. Zoho Books
Zoho Books is skillful accounting software, it allows the users to keep track and control over its cash inflows and outflows. Users’ produces invoices, receipts, BRS, debit note, credit note, and necessary documents. Along with the core function of account management (both payable and receivable accounts), alongside purchasing, spending management. Zoho Books is easy to use. And it is a cloud-based portal thus has easily and anywhere accessibility.
Zoho Books is an integrated platform for end-to-end financial solutions. It is suggestable accounting solutions for the growing business. It manages sales orders and invoicing, GST invoices, bookkeeping, huge ledgers, manage cash receivables, payables, banking, inventory, timesheets, and business contacts and generate reports.
Vyapar is a free and effective platform that helps a business maintain invoice, get inventory records, manage books of accounts, and tracking daily business activities while ensuring business grows. The software helps to eliminate the huge trail of paperwork and gives the entrepreneur ample time to focus on productive business development. Since most of the small sector businesses in India needs a digital upgrade.
Vyapar is GST compliant, eliminating errors, helps in maintaining data for tax filing. It provides customizable invoices and automates payment reminders. It ensures there is Auto Backup, keeps records integrated, enables accounting in offline mode. The entire transaction trail right from its entry to its end, along with online to sync and auto backup.
Vyapar helps maintain real-time inventory and accounting management software which becomes highly relevant in industries dealing in perishable materials which have shorter storage life and even in the Pharma sector, it keeps a record of the individual unit by their expiry dates, manufacturing dates, batch numbers, and such other details that help in picking the right on during marketing and sales.
SAP is a fast, accurate, and automated business solution. It offers a range of accounting applications for general ledger, project accounting, managing budgets, financial reporting, multi-currency transactions, financial tracking, reporting, compliance, and collaboration processes.
The company has developed an independent sales-support force through independent value-added resellers. It has established partnerships with hardware and software suppliers, system integrators, and third-party consultants.
The software helps in supply chain optimization, efficiency gains in production processes, transparency regarding energy consumption and emissions. The software also helps can help preserve liquidity, provide an alternative to credit from their existing banking relationships, and balance their budgetary priorities while giving customers the flexibility to choose the best possible solutions. It measures the outcome of its activities through four performance indicators:
- Customer loyalty and
- Employee engagement.
7. Microsoft Dynamics
Backed by one of the largest IT companies in the world, it uses a very familiar Microsoft interface. Microsoft Dynamics ERP is software that allows companies to manage various aspects of a business organization, including supply chain, marketing, operations, human resources, and financials. This solution ensures collect data to draw an analysis which would provide with areas where you can gain efficiencies, make cost-cutting, or you are needed to make additional investments.
Microsoft Dynamics NAV and AX: It is convenient to implement, easy-to-use ERP software world-wide used to manage entire operational and non-operational business activities. It is part of a complete solution for business from Microsoft that helps you work, change when needed and grow efficiently.
It has various module such as finance, manufacturing, CRM, supply chains, analytics and electronic commerce for Small and Medium-sized Enterprise and local subsidiaries of large international Groups.
8. Fresh Books
Fresh Books is accounting software for small businesses. The software is based on the cloud that enabling access to accounting functions and data from anywhere anytime on any device. It has functionality spans over the areas of basic accounting, billing and invoicing, payment and expense management, time tracking, online banking integration, GST Report, and payroll, allowing small scale businesses to serve their accounting needs. It has a user-friendly experience and it comes with customer care support for the time of error and difficulties.
In addition, top charted accountants and best GST consultants use these and other taxation software, apps make accounting and taxation process easy. Apps such as Khatta Book helps you lower your bad debts by keeping timely track and reminder, Apps linked with BHIM payment enable you to receive and pay hassle-free. Businesses should use technology to smoothen their business processes.